The report simply reminds us that our petroleum reserves are not infinite.
Yet many of the people who express so much distress about the limitations of our resources would do nothing to use more efficiently the energy that in many instances is mindlessly consumed on a daily basis.
Since we were hit by the global financial and economic crises, I find myself thinking a lot more about energy efficiency and more so since I was privileged to be part of a discussion panel at the private sector forum of the recent Summit of the Americas.
Our panel's topic was focused on the themes of innovation and investments in energy efficiency and I was supremely impressed by the wealth of information shared by one of my fellow panellists about the billions of dollars that the world could save by simply using energy more efficiently.
Kateri Callahan of the United States-based 'Alliance to Save Energy' postulated that there was a very large opportunity to contain energy demand growth in an economically attractive way.
By capturing the potential available from existing technologies, we could cut global energy demand growth by half or more over the next 15 years.
In other words, global energy demand in 2020 would decline by an amount equal to almost 150 per cent of the entire US consumption today.
And she demonstrated how this could be achieved through private and public investment and public education programmes geared towards changing behaviours.
Alliance to Save Energy is an organisation dedicated to promoting energy efficiency worldwide for the achievement of healthier economies, cleaner environments and greater energy security.
Callahan's conclusions are supported by the McKinsey Global Institute (MGI).
According to MGI's research, if developing countries could raise their energy productivity they could slow the growth of their energy demand by more than half over the next 12 years to 1.4 per cent a year from 3.4 per cent, which would leave demand some 25 per cent lower in 2020 than it would otherwise have been.
That is a reduction larger than the total energy consumption of China today. The research also makes the case that an annual worldwide investment of US$170 billion in energy efficiency through to 2020 could:
-Cut global energy demand growth by at least half.
-Save US$900 billion a year in avoided energy costs.
-Dramatically reduce greenhouse gas emissions.
So exactly what is preventing the world from pursuing these investment initiatives when the rewards are so promising?
And more to the point, what is preventing developing countries and the Caribbean in particular from taking the initiative?
MGI also provides some answers to this.
They are of the view that current global market failures and information barriers are discouraging developing countries from increasing energy productivity, even in the face of high energy prices. Other obstacles to energy saving investments are capital constraints and the credit squeeze.
Consumers also don't have enough information about energy-efficient options to assist them with the right choices.
Fuel subsidies also discourage efficient energy use.
There is a lot more that can be said about the global energy problem and solutions, but I want to focus on what we can do and should be doing in Trinidad and Tobago and the Caribbean.
As the world returns to economic growth, the demand for energy will increase.
While we are preparing for this, we should be planning to convert the current financial downturn into opportunity.
We should be rethinking energy policy from both the supply and consumption sides and considering the role that a country like Trinidad and Tobago can play in more efficient energy utilisation, and the development and introduction of renewable energy.
I believe that we need firstly to pursue efficiency in the use of our gas.
The more efficient we are, the more gas we will have for the market.
We need to reduce domestic energy consumption and encourage responsible use.
We need to start teaching and incentivising our citizens to utilise energy differently.
And all of this will naturally contribute to the global efforts to mitigate climate change.
The private sector forum of the Summit presented some strong reasons for a changed approach to energy policy and consumption in the region, but we seem to be missing the opportunity.
When the world returns to growth, those countries without natural energy resources will move from this difficult economic period to even greater difficulty.
And those countries with energy will find there will be ongoing pressure to be supportive of the non-producing economies.
I believe all of this can be changed through the introduction of a regional policy that deals with energy efficiency and diversifying the energy mix of hydrocarbons and alternative energy- wind and solar.
Research shows that we can reduce current energy demand by as much as 30 per cent in the world if people were to take a harder look at energy consumption- everything from the use of different light bulbs and lighting systems to building designs that are much more appropriate; the prudent use of alternative energy and the use of new materials that can reduce convection and radiation heat in housing.
Think about what it would mean to the average citizen if you could reduce your energy consumption by 30 per cent, have a better environment, enjoy cooler circumstances, cheaper fuel costs and cheaper cooking costs.
The upside for the country is that we could then divert the gas saved from generating electricity to higher value added opportunities.
Because of our long history in energy, Trinidad and Tobago should lead the discussion on energy policy, demand and supply, and the alternative energy mix in the Caribbean region through Caricom.
Most of the Caribbean states could be making more of solar opportunities.
Even this potentially represents business for Trinidad and Tobago because of our strength in energy.
Personally, I would encourage the Government to establish a policy framework that clearly says Trinidad and Tobago is going into the business of alternative energy.
We can achieve this through a policy framework similar to that used for the construction of Point Lisas or the liquefied natural gas plant.
Government must lead the policy development as the State must provide an enabling environment.
The issue with alternative energy is the high front-end costs.
And in an environment with abundant cheap energy, it becomes extraordinarily difficult to appreciate the value of such opportunities.
We must also develop a domestic energy policy that can have an influence on the rest of the Caribbean in terms of how they access aid and what they use it for.
We all need to reform our transportation methods, housing designs, living habits and the manner in which we consume energy.
As citizens, responsible energy use is critical for all of us and we do not need to wait for government policy to lead us, although a public education programme will help.
Each of us can begin to make an important contribution in the way we utilise energy because it is critical to our environmental and economic sustainability.
Unplug the toaster ovens and kettles when they are not in use.
Unplug your cell phone charger once your phone is charged.
Disconnect your laptops when they are not in use.
Turn off the radio and television if no one is paying attention to them.
Wasting resources could never be a good policy for any individual, any organisation, any company or any country, whatever the extent of their resource.
And if such an attitude prevails, it means that we are either directly or indirectly promoting a culture of waste.
This certainly could not be good for us, for the country and for our young people who would have to make do in many instances with much less than we have today.
I think we need be very aware of the consequences of what we do today and the impact it would have on future generations.
We need to teach our young people about energy responsibility and the best way to do this is by example.
This column appears in Issue Two of the bpTT Insider magazine.
